CAMBRIDGE, Mass., Aug. 11, 2020 /PRNewswire/ -- Unum
Therapeutics Inc. (Nasdaq: UMRX), a biopharmaceutical company
focused on developing novel, best-in-class precision kinase
inhibitors for a range of patients living with cancer and other
unmet medical needs, today announced financial results for the
second quarter ended June 30, 2020 and provided corporate
updates.
"With the recent acquisition of Kiq, Unum's focus on PLX9486
creates an exciting opportunity as we advance development of novel
precision kinase inhibitors to treat patients with cancer and a
range of other diseases with limited safe and effective treatment
options," said Chuck Wilson, Ph.D.,
President and CEO of Unum. "PLX9486 is a highly potent and
selective KIT D816V inhibitor that has demonstrated promising
clinical data, and we believe has significant potential to
transform the management of serious diseases in many individuals.
With PLX9486 as a cornerstone, we believe our team at Unum is
poised to build a pipeline of best-in-class, precision kinase
inhibitors."
Recent Program and Corporate Highlights
- Announced completed acquisition of Kiq LLC: In
July 2020, Unum announced the
completed acquisition of Kiq LLC, a privately held biotechnology
company focused on the discovery and development of precision
kinase inhibitors. The acquisition was further financed by a
private placement resulting in gross proceeds to Unum of
approximately $104.4 million before
deducting placement agent and other offering expenses. The private
placement was led by Fairmount Funds Management LLC, with
participation from Venrock Healthcare Capital Partners, BVF
Partners L.P., Atlas Venture, Acorn Bioventures, Perceptive
Advisor's LLC, RTW Investments, OrbiMed, Samsara BioCapital, Logos
Capital, Ally Bridge Group and Commodore Capital, as well as
additional undisclosed institutional investors. Unum believes the
acquisition of Kiq represents a high potential value creation
opportunity for shareholders and creates a promising path forward.
The Company continues to pursue strategic opportunities for its
cell-based therapy programs. Unum has retained key employees across
the newly integrated company and continues to attract talent to
advance its precision kinase inhibitor programs.
- Advancing clinical development of PLX9486: Unum is
advancing clinical studies of PLX9486 in multiple indications,
including Gastrointestinal Stromal Tumors ('GIST') and systemic
mastocytosis. Published clinical data demonstrate the critical role
of KIT kinase activity as a driver in both GIST and systemic
mastocytosis. PLX9486 is a highly potent and selective KIT D816V
inhibitor that not only addresses primary activating mutations, but
also resistance and activation loop mutations.
Unum plans to initiate clinical development of PLX9486 as a
monotherapy for patients with Advanced Systemic Mastocytosis (ASM)
and Indolent Systemic Mastocytosis (ISM) with the goal of
demonstrating a best-in-class clinical profile. Patients living
with systemic mastocytosis experience a range of symptoms,
including reduced life span and chronic conditions, and there are
limited treatment options available. Unum expects to initiate
clinical testing in ASM patients in the first half of 2021,
followed by trials in ISM patients in the second half of 2021.
In addition, PLX9486 has demonstrated promising clinical activity
in a Phase 1/2 trial in patients with GIST demonstrating 11 months
median progression free survival in 18 GIST patients treated in a
second line or later setting. Safety data from both single agent
and combination trials in more than 50 patients supports further
clinical development. PLX9486 is currently in Phase 2 clinical
development in GIST, and Unum plans to advance the compound into
additional clinical trials in the second half of 2021. Unum plans
to present further details from PLX9486 studies at an upcoming
medical meeting.
Second Quarter 2020 Financial Results
- Collaboration Revenue: Collaboration revenue recognized
during the second quarter ended June 30,
2020 of $0.5 million compared
to $3.1 million in the same period of
2019. This decrease is due to the termination of a collaboration
agreement in January 2020.
- R&D Expenses: Research and development expenses of
$5.1 million for the second quarter
ended June 30, 2020 compared to
$10.6 million for the same period of
2019. This decrease is primarily related to the reduction in
clinical activity of Unum's legacy clinical trials.
- G&A Expenses: General and administrative expenses
for the second quarter ended June 30,
2020 were $2.8 million,
compared to $3.1 million for the same
period of 2019. The decrease is primarily related to lower
professional and consultant fees.
- Net Loss: Net loss attributable to common stockholders
was $7.4 million, or $0.24 per share, for the second quarter ended
June 30, 2020 compared with a net
loss attributable to common stockholders of $10.5 million, or $0.34 per share, for the same period of
2019.
- Cash and Cash Equivalents: As of June 30, 2020, Unum had cash and cash equivalents
of $21.3 million. Unum believes that
its current cash and cash equivalents, including the $104.4 million received on July 9, 2020 from the Series A Preferred Stock
private placement, will enable Unum to fund its operating expenses
and capital expenditure requirements beyond 2022.
About Unum Therapeutics
Unum Therapeutics is a biopharmaceutical company focused on
developing a pipeline of novel, best-in-class precision kinase
inhibitors for a range of patients living with cancer and other
unmet medical needs. Unum's most advanced program, PLX9486, is a
highly potent and selective KIT D816V inhibitor in development to
treat systemic mastocytosis and GIST patients. Unum's legacy cell
therapy programs utilize proprietary BOXR technology to improve the
functionality of engineered T cells by incorporating a "bolt-on"
transgene to overcome resistance of the solid tumor
microenvironment to T cell attack. Unum is headquartered
in Cambridge, MA.
Follow Unum Therapeutics on social
media: @UnumRx and LinkedIn.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding: uses of
proceeds; projected cash runways; and future product development
plans. The use of words such as, but not limited to, "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intend,"
"may," "might," "plan," "potential," "predict," "project,"
"should," "target," "will," or "would" and similar words
expressions are intended to identify forward-looking statements.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based on our
current beliefs, expectations and assumptions regarding the future
of our business, future plans and strategies, our clinical results
and other future conditions. New risks and uncertainties may emerge
from time to time, and it is not possible to predict all risks and
uncertainties. No representations or warranties (expressed or
implied) are made about the accuracy of any such forward-looking
statements. We may not actually achieve the forecasts disclosed in
our forward-looking statements, and you should not place undue
reliance on our forward-looking statements. Such forward-looking
statements are subject to a number of material risks and
uncertainties including but not limited to those set forth under
the caption "Risk Factors" in Unum's most recent Annual Report on
Form 10-K filed with the SEC, as well as discussions of potential
risks, uncertainties, and other important factors in our subsequent
filings with the SEC. Any forward-looking statement speaks only as
of the date on which it was made. Neither we, nor our affiliates,
advisors or representatives, undertake any obligation to publicly
update or revise any forward-looking statement, whether as result
of new information, future events or otherwise, except as required
by law. These forward-looking statements should not be relied upon
as representing our views as of any date subsequent to the date
hereof.
UNUM THERAPEUTICS
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(unaudited, in
thousands, except share and per share amounts)
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Collaboration
revenue
|
|
$
|
528
|
|
|
$
|
3,138
|
|
|
$
|
7,559
|
|
|
$
|
6,191
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
5,129
|
|
|
|
10,617
|
|
|
|
14,627
|
|
|
|
23,020
|
General and
administrative
|
|
|
2,802
|
|
|
|
3,062
|
|
|
|
6,476
|
|
|
|
5,553
|
Total operating
expenses
|
|
|
7,931
|
|
|
|
13,679
|
|
|
|
21,103
|
|
|
|
28,573
|
Loss from
operations
|
|
|
(7,403)
|
|
|
|
(10,541)
|
|
|
|
(13,544)
|
|
|
|
(22,382
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
3
|
|
|
|
25
|
|
|
|
50
|
|
|
|
175
|
Other income,
net
|
|
|
7
|
|
|
|
—
|
|
|
|
7
|
|
|
|
—
|
Total other income
(expense), net
|
|
|
10
|
|
|
|
25
|
|
|
|
57
|
|
|
|
175
|
Net loss
|
|
|
(7,393)
|
|
|
|
(10,516)
|
|
|
|
(13,487)
|
|
|
|
(22,207
|
Net loss per common
share, basic and diluted
|
|
$
|
(0.24)
|
|
|
$
|
(0.34)
|
|
|
$
|
(0.44)
|
|
|
$
|
(0.73
|
Weighted average
common shares outstanding, basic and diluted
|
|
|
31,109,950
|
|
|
|
30,505,773
|
|
|
|
30,623,350
|
|
|
|
30,295,557
|
UNUM THERAPEUTICS
INC.
|
CONDENSED
CONSOLIDATED SELECTED BALANCE SHEET DATA
|
(unaudited, in
thousands)
|
|
|
|
June 30,
2020
|
|
|
December 31,
2019
|
Cash, cash
equivalents and marketable securities
|
|
$
|
21,342
|
|
|
$
|
37,424
|
Working
capital
|
|
$
|
15,680
|
|
|
$
|
27,343
|
Total
assets
|
|
$
|
31,055
|
|
|
$
|
49,423
|
Total
liabilities
|
|
$
|
11,814
|
|
|
$
|
17,661
|
Total stockholders'
equity
|
|
$
|
19,241
|
|
|
$
|
31,762
|
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SOURCE Unum Therapeutics Inc.